Stamp duty abolished for first-time buyers on homes worth up to £300,000

"We are pleased to see housing top the agenda, in particular the bold measure to abolish stamp duty for first-time buyers on properties up to £300,000 and for the first £300,0000 on properties up to £500,000.

"This is very positive news for this segment of the market, who for too long have struggled with an overly complex and costly system."

VAT threshold frozen at £85,000 for 2 years

Mike Cherry, chairman at the Federation of Small Businesses, said:

"1.5 million modest-earning small firms and the self-employed will be relieved that we have seen off a VAT tax grab [to lower the VAT threshold] that would have caused huge economic damage."

Fuel duty rise for petrol and diesel cars scrapped from April 2018

Peter Williams, head of external affairs at the RAC, said:

"Beleaguered owners of diesel cars can breathe a sigh of relief that they will not be punished further by the Treasury."